Oil prices soared to $139 per barrel on Monday as the US and allies considered banning import of oil from Russia, the world’s largest exporter of crude and refined products combined.
Delay in the Iranian nuclear deal, which can help lift sanctions against the Islamic Republic and get its oil flowing back to the global market, also added to the nervousness in the market. After touching $139 per barrel in early trade, the highest since 2008, crude fell to around $130 per barrel where it mostly stayed during the day.
